{"F": {"ts_code": "US.BLLN", "name": "BillionToOne", "mkt": "US", "ccy": "美元", "sw1": "诊断与研究", "sw2": "诊断与研究", "sw3": "", "ind": "诊断与研究", "fin_source": "futu", "market": "NASDAQ", "list_date": "20251106", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 99.39, "pe_ttm": 103.423, "pb": 8.736, "dv_ttm": 0.0, "total_mv": 468991.970682, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [68.3], "rev_series": [3.1], "np_series": [0.1], "roe_series": [2.6], "rev_ttm": 3.1, "np_ttm": 0.3, "ocf_ttm": 0.5, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 1.0, "gm_median": 68.3, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 2.4, "roe_median": 2.6, "commodity": false, "hard_ratio": 9.4, "fix_assets": 0.4, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 0.2, "debt_ratio": 24.1, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 100.0, "np_yoy": 117.9, "np_vol": null, "loss_years": 0, "far_share": 95.0, "earn_yield": 1.0, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 21.4, "ret_20": 6.4, "ret_60": 0.1, "ret_120": 39.3, "ret_250": 65.7, "mdd_250": null, "vol_250": null, "pos_52w": 66.1, "eps": 0.064}, "S": {"duration": 92, "pricing": 66, "hard": 15, "bondness": 13}, "label": "纯久期", "tags": [], "text": {"像什么": ["PE TTM 103.4 倍,估值里约 95% 来自 5 年后的假设;固定资产占比 9%,几乎没有重置成本可言。", "贴现率每升 1 个百分点,杀伤按 PE 线性放大;这是纯数学,与基本面好坏无关。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 68.3%),硬资产占比 9%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "加息期第一个被砸的就是它;拥挤龙头先被砸,那正是建仓窗口,但要等放水信号,别用最贵的票坐车。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 1.0%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率最新年报 68.3%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 9%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 103.4 倍 粗算,约 95%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 66%,现价在 52 周高点的 66%;近 20 / 60 / 120 日 6% / 0% / 39%。", "行业对照": ["同富途行业「诊断与研究」44 家中位:PE 33.2 / 股息率 0.0% / 毛利率 57.5% / 固定资产占比 13% / 分红率 0%。", "BillionToOne:PE 比行业中位高 70.2倍;股息率 与行业中位持平;毛利率 比行业中位高 10.8个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}